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GNFC's tender offer repurchase is scheduled to begin on December 1st; stock loses early morning gains

30 Nov 2023 , 02:51 PM

After the business announced a share buyback programme via tender offer on Wednesday, November 29 after market hours, investors continued to keep an eye on Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) shares on Thursday, November 30. 

Early morning trade on the NSE saw the stock rise as much as 1% from its opening price of Rs 695 to Rs 697.45, which was the day's high. The stock was trading at Rs 682.7 a share at the time the copy was written, down Rs 5.25, or 0.76%, on NSE.

On Friday, December 1st, the GNFC buyback will begin, and it will end on Thursday, December 7th. Through a tender offer, the business intends to repurchase up to 84.78 lakh equity shares at a face value of Rs 10 apiece, or 5.46% of its total paid-up equity capital.

The buyback price per share has been set by the business at Rs 770. A tender offer buyback essentially entails shareholders being able to tender their equity shares to the company for repurchase at a predetermined price within the buyback period.

According to the company's exchange report, the company's earnings for the second quarter ended in September decreased by 24% year over year to Rs 182 crore. The operational revenue suffered as well, falling by about 20% year over year to Rs 2080 crore in the quarter. Additionally, the company's margins took a hit, declining to 8.1% from 11.9% in the same time the previous year.

For feedback and suggestions, write to us at editorial@iifl.com

Gujarat Narmada Valley Fertilizers & Chemicals Limited

Related Tags

  • Gujarat Narmada Valley Fertilisers & Chemicals
  • Share Buyback
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